What do you mean by data analysis?
Posted: Oct 25, 2018
Data analysis is the science that is responsible for examining a set of data in order to draw conclusions about the information to make decisions or simply expand knowledge on various issues.
The data analysis consists of submitting the data to the realization of operations, this is done in order to obtain precise conclusions that will help us to reach our objectives, and such operations cannot be defined previously since data collection can reveal certain difficulties. Currently, many industries use data analysis to draw conclusions and decide on actions to implement. It is worth mentioning that science also uses data analysis to check or discard existing theories or models.
Uses of data analysis:
- Data analysis is used in many industries, regardless of the branch, gives us the basis to make a decision or not or make sure if a hypothesis is true or not.
- Human Resources: data analysis is also very useful within companies to maintain a good working environment, and outside of it, qualifying potential employees.
Data analysis techniques:
If we want useful data, we must analyze them. For this, we must resort to various techniques that depend on the type of information that is being collected, so it is important to have defined the technique to be used before implementing it.
It is important to highlight that within the analysis of qualitative data, the researcher may face certain difficulties at the time of developing it. It is necessary that the researcher is very well prepared regarding the issue or point that you want to extract from the analyzed reality.
Qualitative data analysis: The qualitative data are presented verbally (sometimes in the graphic). It is based on interpretation. The most common ways to obtain this information is through open interviews, discussion groups, and observation groups, where researchers usually analyze patterns in observations throughout the data collection phase.
Quantitative data analysis: The quantitative data presented in numerical form. It is based on tangible results. The data analysis focuses on reaching a conclusion based only on what is already known by the researcher. The way you collect your data should relate to the way you are planning to analyze and use it, you also have to make sure that you gather accurate information that you can trust, for which there are many data collection techniques. The most used technique by experts is online surveys since it can bring great benefits such as the reduction of time and money.
For example with datapine, you will have an accurate data analysis tool that will help you make better decisions professionally.
Advantages of data analysis
- Ability to make faster and more informed business decisions, backed by facts.
- It helps companies identify performance problems that require some type of action.
- A deeper understanding of customer requirements, which, in turn, creates better business relationships.
- Greater awareness of risk, allowing the implementation of preventive measures.
- It can be seen visually, allowing quicker and better decisions.
- It can provide a company with an advantage over its competitors.
- Better knowledge of the financial performance of the business.
- It has been shown to reduce costs and, therefore, increase profits.
I'm a Creative Writer, I'm also a a self-proclaimed happiness junkie,and someone you would generally consider confident and well balanced.